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Whattup, mah dudes!

Let’s get the charting party started with a nice break and retest play on USD/CAD and a possible range resistance on EUR/NZD.

Get ’em while they’re hot!

USD/CAD: 1-hour

USD/CAD 1-Hour Forex Chart
USD/CAD 1-Hour Forex Chart

Last week we identified the 1.3485 zone as a potential area of interest for USD/CAD.

Fast forward to today and the currency pair is finding support around the 1.3500 psychological handle that’s just above the area that we’ve identified.

What makes the chart more interesting today is that the 100 SMA has just crossed above the 200 SMA on the 1-hour time frame.

Think dollar traders are ready for a bullish run? A long trade at current levels would give you a good reward-to-risk ratio if USD/CAD ends up making new June highs in the next couple of trading sessions.

If you’d rather buy the Loonie against the Greenback, however, then you can also wait for a clear break below the 200 SMA and then aim for the previous lows near 1.3350.

Good luck and good trading this one, yo!

GBP/NZD: 1-hour

GBP/NZD 1-Hour Forex Chart
GBP/NZD 1-Hour Forex Chart

I spy with my eye a range play in the making! GBP/NZD is consolidating around the 1.9600 major psychological handle, which is right smack at a range resistance on the 1-hour time frame.

If a previous resistance level isn’t enough to make you look closer, then you should know that Stochastic is chillin’ in the overbought region AND is flashing a bearish divergence on the chart. Wowza!

Selling at the first signs of bearish momentum would make for a good trade if you place your stops just above 1.9600 and bet on a return to the 1.9425 range support area.

Think the euro will see an upside breakout instead? Look out for momentum above 1.9600, which could take GBP/NZD to the 1.3700 or the 1.3900 previous areas of interest.

Forex Chart Settings:

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line